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Gas Detection Equipment Market Forecast By End-use Industry 2016-2024
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A report by Transparency Market Research states that the global market for gas detection equipment is characterized by stiff competition. In order to beat competition, market players are coming up with differentiated products to appeal to a wide customer base. They are also offering additional services to customers along with gas detection equipment, to up customer loyalty.
The report by TMR projects the global market for gas detection to expand at a 5.6% CAGR. Rising at this rate, the market is expected to become worth US$5.6 bn by 2024 from US$3.4 bn in 2015.
The different types of products purveyed in the market are portable gas detector and fixed gas detector. Of the two, the fixed gas detector accounted for a dominant share of around 55.0% in the market in 2015. The portable gas detectors are seeing surging popularity too.
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From a geographical standpoint, North America leads the global gas detection equipment market with maximum revenue generated. The region is predicted to generate north of billion dollars by 2024. In terms of growth rate, however, Asia Pacific is slated to outpace all other regions with a solid 7.9% CAGR from 2016 to 2024.
Strict Norms about Workers’ Safety Drives Market
One of the major factors fuelling growth in the global market for gas detection equipment are efforts to bring about workers’ safety. Both government bodies and industry associations, worldwide, are pushing for workers’ safety by laying down strict norms and regulations pertaining to precautionary measures.
Take for example The Health and Safety Executive of Great Britain. They have made it mandatory to make use of gas detectors in work environments that are dangerous such as gas plants and offshore oil plants.
Again, the FE-02 policy of Manchester Mental Health and Social Care Trust (the U.K.) stipulates that all gas detection systems have to be checked regularly for their efficiency. It also states that all maintenance activities must be recorded, maintained, and be easily available.
The Code of Federal Regulations in the U.S. is another example. Section 127.1203 says that waterfront facilities, which are transferring flammable liquefied hazardous gas (LHG), must deploy a minimum of two portable gas detectors or one fixed gas detector. The installed gas detectors must be able to show the current level of LHG transferred, and also if this level is below or above the level permitted.
Growing Shale Gas Exploration Boosts Demand
Such regulations have proved immensely beneficial to the global market for gas detection equipment. Further, the rising uptake of gas detectors is also being brought about by the growing shale gas exploration and soaring demand for energy. On the other hand, lessened profit margin on account of stiff competition among companies is to some extent hindering the market.
This review is based on the findings of a TMR report, titled, “Gas Detection Equipment Market (Product Type - Fixed Gas Detector and Portable Gas Detector; Technology - Single Gas and Multi Gas; Type of Gas - Combustible, Toxic, Oxygen, and Dedicated; End-use Industry - Oil and Gas, Mining, Industrial, Building, and Automation; Sensor Technology - Electrochemical, Infrared, Metal Oxide, Catalytic, and Zirconia) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The Global Gas Detection Equipment Market is segmented as below:
Global Gas Detection Equipment Market, by Product Type
Portable Gas Detector
Fixed Gas Detector
Global Gas Detection Equipment Market, by Type of Gas Detection Technology
Single Gas
Multi Gas
Global Gas Detection Equipment Market, by Type of Gas
Combustible
Toxic
Oxygen
Dedicated
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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